Google founders Larry Page and Sergey Brin announced today that they will step down as CEO and President of Alphabet. They announced today that Sundar Pichai, CEO of Google, will now be CEO of both Google and Alphabet.
In 2015, Alphabet was founded as Google’s parent company to handle projects outside its main search firms.
Larry Page and Sergey Brin will step back from their roles in Alphabet’s day-to-day activities and remain actively involved as Board members, investors and co-founders.
“We’ve never been ones to hold on to management roles when we think there’s a better way to run the company,” Page and Brin wrote in the blog post. “And Alphabet and Google no longer need two CEO’s and a president.”
Pichai, who has been with Google for more than 15 years, has been leading Google for more than four years and has doubled the company’s workforce from 59,000 to 114,000.
Pichai said in an email sent to employees that this change will not affect the structure of the Alphabet or the day-to-day work .
“I will continue to be very focused on Google and the deep work we’re doing to push the boundaries of computing and build a more helpful Google for everyone. At the same time, I’m excited about Alphabet and its long-term focus on tackling big challenges through technology,” Sundar Pichai quoted.
Alphabet shares increased by 0.64 per cent to $1,303 after the hour announcement.